Forex Trading in Thailand - How to select the broker? Which is the best Forex broker in Thailand?
Thailand is a country with many talented traders who have made a big fortune from the Financial markets. Forex trading in Thailand is more popular than stock trading. When we mention Forex trading in Thailand, it includes Currency trading, Commodity trading like Gold, Silver and Crude Oil, etc., and Index trading DAX30, US 500, FTSE 100, etc. While trading Forex in Thailand, all these trading assets are available for trading on the single Forex trading Platform.
Forex trading Thailand – It is so popular in Thailand among the trading community because of its higher profitability, and accessibility. For starting Forex trading in Thailand, you don’t have to go through any complicated formalities. All you have to do is 1. Finding a Forex Broker, 2. Registering for a Real trading account or Demo Account, 3. Funding your account from a credit or debit card, if it is a real trading account, and 4. Start trading.
Find a Forex Broker in Thailand
Forex Brokers Thailand – There are several Forex brokers in the market. But you must consider few essential aspects before trading with any of them. The first thing you must find is the reliability and trustworthiness of the brokers. Generally, you should not trade with a broker which is new in the market. Why take a risk when there are so many Forex brokers with an excellent reputation for providing service to the Forex traders in Thailand. You can select from the Forex brokers with several years of service and established track records.
Registering for a Real Trading Account or a Free Demo Account
After you select a broker, the next step is registering with them. Now the question is, should you directly trade in a live trading account? NO, you should never trade in a live trading account, unless you are an experienced trader. Even, the experienced traders trade in a demo account to test their skills and strategies. As a new trader, you must practice in a demo trading account. The demo trading account comes for Free; you need not deposit any money. Neither you have to provide any of your financial information or bank details for opening a demo trading account.
The demo account comes with virtual money of $10,000; you can trade in a real market environment with this money. But you never lose your own money as long as you trade in a demo trading account. You can consider depositing money after getting enough practice in a demo trading account. After you fund your account, you are ready for trading with real money. Now you must be extremely careful while trading as you can make some real profit and real loss as well.
Open a Free Demo Account
Funding your account with Credit Card, Debit Card, or any other methods
You need not deposit any money as long as you are trading in a Demo Account. You need to deposit fund into your account if you feel confident to trade after having enough practice in a demo account. The Forex traders from Thailand can deposit funds using their Credit or Debit Cards, which include Visa and Mastercards. Sometimes, traders have problems using their Credit or Debit card for depositing. In such cases, they can use alternative funding methods like Skrill, Neteller, WebMoney, or Wire Transfer. Some of the Forex Broker from Thailand accepts Bank deposit also.
Start Trading in your Account
This is the most challenging part of Forex trading. Anybody can trade, but very few trade Forex professionally and earn a profit. It requires a lot of discipline, knowledge, and analysis skills to stay profitable consistently. You must note that most of the traders mention that 70% to 90% of the traders lose money while trading with them. Hence, you must learn and practice enough to be among the winning 10% to 30% of the winning traders. There is no hurry; the demo accounts have unlimited validity. Practice well till you feel really confident to trade with real money in the Financial markets. You can refer to several expert’s analysis at investing.com. Several factors affect the daily currency volatility; you must keep an eye on them while trading. The Economic calendar is one such must-watch resource that can help you make a better trading decision.
Fund Withdrawal Methods – Forex trading Thailand
If you trade successfully, you must withdraw your profit from time to time. That’s the reason everybody trades in the market, to make a profit and get it into their bank account.
Before you withdraw your profit, you must get your account verified by providing your identity and address proof. It is an international regulatory requirement to avoid illegal money laundering activities. However, the process is very simple. You need not worry; everybody gets their account verified by providing a copy of their genuine documents. After the account verification, you can request a fund withdrawal. The initial fund withdrawals must be withdrawn to the same source of deposit; this is again a regulatory requirement. You can withdraw any surplus profit through Wire Transfer, Skrill, Neteller, WebMoney, etc.
Is Forex trading legal in Thailand?
Yes, it is legal to trade Forex in Thailand involving all Foreign currency pairs, excluding Thai Baht. It is always better to trade with a Forex broker having its registered office in Thailand. Although many traders prefer international brokers because of low trading costs and better trading features, you should always stay compliant with the local rules and tax liabilities to trade Forex legally in Thailand.